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Mario Draghi Responds To Zero Hedge: "There Is No Plan B"
This happened earlier today, at the ECB press conference:
Scott Solano, DPA: Mr Draghi, I've got a couple of question from the viewers at Zero Hedge, and one of them goes like this: say the situation in Greece or Spain deteriorates even further, and they want to or are forced to step out of the Eurozone, is there a plan in place so that the markets don't basically collapse? Is there some kind of structural system, structural safety net, especially in the area of derivatives? And the second questions is: you spoke earlier about the Emergency Liquidity Assistance, and what would have happened to the ELA in Cyprus, the approximately €10 billion, if the country had decided to leave the Eurozone?
Mario Draghi, ECB: Well you really are asking questions that are so hypothetical that I don't have an answer to them. Well, I may have a partial answer. These questions are formulated by people who vastly underestimate what the Euro means for the Europeans, for the Euro area. They vastly underestimate the amount of political capital that has been invested in the Euro. And so they keep on asking questions like: "If the Euro breaks down, and if a country leaves the Euro, it's not like a sliding door. It's a very important thing. It's a project in the European Union. That's why you have a very hard time asking people like me "what would happened if." No Plan B.
Secondly, I think the ECB has shown its determination to fight any redenomination risk. And OMT with its precise rules and acting within its mandate, is there to this purpose. So that's the answer to the first question.
The second question was about the ELA, but again it's related to "if Cyprus leaves" and again we don't have that in mind, so.... No Plan B.
Informative. We do have three follow up questions:
- With Capital Controls in place in Cyprus indefinitely, do local ATMs dispense "political capital" instead of actual capital?
- If the Euro is not like a "sliding door", is there a more apt analogy of what the Euro is?
- What are the "precise rules" of the OMT? Earlier, Mr. Draghi replied to the FT's Michael Steen, who asked for the second time month in a row, if there will ever be a legal term-sheet for the OMT, that "he hopes so" - it appears to us that based on this answer there are not only no precise rules for the OMT, but there are no rules period.
Finally, here is the response by the EURUSD the second the Zero Hedge questions were asked.
The full exchange takes place 57 minutes 45 seconds into the clip below:
And in Italy:
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Yes, all of the world's government controlled and government financed schools teach this. So much for your definition of "educated".
So now that Japanese are told to buy government debt that pays less than the stated inflation target, is Japan okay?
Interesting Draghi would laugh at the notion of ZH readers when ZH readers are amongst the most knowledgable and well informed in the world.
On some things - like stock and bond markets - yes. On other things - like monetary and fiscal policy - no. He was laughing at the latter.
Fair enough, but even the latter point is arguable. The idea that central planning can be used to rescue a failed monetary system AND crony capitalist fiscal policies is absurd. We are just building more and more stress in the system until one day it snaps with horrible consequences. I would love to engage you more on these topics but this comment section is not the appropriate venue.
I have office hours today so go ahead and give me a call, or, you can email me.
http://wws.princeton.edu/people/display_person.xml?netid=pkrugman
Great, thanks for being accessible. If not today then on another Thursday if that is your only day for office hours. I may just email however.
He's trolling, it's not really Krugman. Just email him and ask, he'd never post here. He doesn't even want to debate Austrian economists.
Key 9 seconds at 59:35… http://www.youtube.com/watch?v=SpilnOCUbP8
Whomever he is, he provides a good discussion platform for identifying the source of our problems.
"Office hours" put forth as false generousity-scarcity paradigm. Will go the way of "university" in the next round of abundant restructuring of concepts such as the source of tenure$ not being inside the rapidly failing (in its attempt to ring-fence the truth) revolving door encircling Cambridge/Beltway/NYTimes or your local "Community" College/Credit Union minor league version of the same game. Take the early buyout on your pension when offered before the dial tone on the university's switchboard fails. Click... click... hello.
https://www.khanacademy.org/
I learn more here than I did at Wharton.
A: ZH readers are amongst the most knowledgable ...
B: On some things ... On other things - like monetary and fiscal policy - no.
Big assumption... but you do read ZH, so... well, that explains a lot.
/jk
There's no need to be knowlegable about fiscal and monetary policy. That's just more central planning, which is the problem. Decentralize.
It's the kind of laugh you give your girlfriend when she asks if you've been cheating on her.. knowing full well you've been cheating on her for months, she knows it too, but she wants you to man up and tell the truth.
It was that kind of laugh.
Haha,
You decrying ad hominem...? There is some hypocrisy in that don't you think?
Please, to continue our last conversation, elucidate us on how Europe is following the path of austerity. Show us how low rates, bond buying, increased government expenditures and bailing in/out banks is "austere".
Low rates? Bond buying? Increased government expenditures?
Europe, along with England, have had tight fiscal policy and have forced Greece and the other PIGS to fire workers and shave their pensions. They could lower rates more, and as for bond buying Draghi says he, "Will do what it takes", but has yet to offer a program to the scale of the Fed or the BoJ.
Low rates do not necessarily cause good lending to occur. There is a demand side of the lending market. Europe is on a dire demographic downslide just like Japan, with varying delays country by country within the euro zone. A company that makes things or does tangible services has to have a market to sell more and better stuff into. What they see is a declining sum game with unpredictable government and supranational control freak nonsense clouding their planning horizon. On the other hand, financial companies and TBTF institutions with trading activities have first access to new cheap credit and they do find things to do with the part they don't just park again at the central bank. It goes into the casinos of Wall Street, Chicago, London and other locations where exciting securities are invented bought, sold, worked hard, and killed off.
Speaking of ad hominems... are you still holding APPL Doctor? http://www.zerohedge.com/news/2012-12-17/volatility-hammered-stocks-and-...
krugman...you people think that throwing money at a crack in the dike is going to stop the leak. the dam is coming down whether you like it or not.
And you, what? Think a gold standard would be better?
We already have a gold standard in place, internationally.
Gold is flowing to value economies like solder to heat. Literally.
Sorry, you do not escape gravity by declaring that it does not exist.
No, not a gold standard. A money standard, meaning gold is money and you pay with it. As opposed to an inflated currency standard.
krugman...patching the dike with gold won't work either. the dam (the industrial revolution) was a bad idea from the outset. producing goods in the most efficient manner possible has destroyed local economies worldwide. john locke said that "true wealth is in a man's labor". not the labor of slaves in factories but the self sufficient efforts of the people working and trading symbiotically in communities. add to that formula a local currency like "ithaca dollars" and you've got a corporatist's worse nightmare. the conversion back to the 17th century business model is inevitable. i also predict that along the way college campuses nationwide will be converted into high end assisted living facilities and you princeton pedants will be riding the pine.
You know what, I take back that you are an asshat.
You, and your ivory tower buddies, have destroyed what little was left of our economy with your printing press underscoring your failed fiscal and monetary policies.
Having actually lived in society, as opposed to some university office, I know that one credit card cannot be paid off by using another.
I know debts do not matter to you, but you, yourself, will soon cease to matter.
Can we have a discussion without all of the ad hominem attacks?
Can we get down to the facts?
If you don't like the comments and replies here, why don't you stop posting and go spread your nonsense on a place that cares. That is if you aren't a troll of course, which I suspect you are.
"Can we have a discussion without all of the ad hominem attacks?
Can we get down to the facts?
This is why the other reporters and Draghi laughed when told the questions were coming from Zero Hedge readers."
Actually, the ad hominem attack was on the ZH readers by the reporters and Draghi. ZH readers aren't "bought and paid for" by the establishment and tend to ask those embarrassing questions which the establishment doesn't want asked and to which the establishment has no coherent answers.
Readers ? Viewers ! We share a view on things. And it`s not on MSM/TV. How appropriate.
Can you manage to troll without using the ole "ad hominem" cliche, you mouthbreathing cumstain?
Get a new routine.
You jest!
"were just responding to a crisis and a plea of help from Cyprus.
Indeed. And look at the help they got. I'm sure the next bailout request will be debated a little more before they ring the phone.
Cyprus should have left the euro; Draghi did not want that, and when asked for help, he gave them what he could.
He sure as hell did, Doc. He helped the shit out of them ALL NIGHT LONG and didn't evenl leave cab fare in the morning.
So you're now actually arguing with Mario Draghi. Nobody's going to "redenominate" he says. I disagree. Apparently you do, too. Somebody's going to redenominate. The next coutry that needs a bailout, in all likelyhood.
So your Exalted Revered Dr. Paul Krugman, if you say that Cyprus was a burden to the Euro and Draghi (So is Greece, Spain, etc etc) why didn't he just let it leave?!
PS: Every ZHer knows the Answer, but we want to see your view on that.
Thanks, Awaiting your reply.
Yes, I have stated - Cyprus should leave the euro.
no you didn't get me?! Why didn't he (Mario) want that?
He told you, the EU leaders want the union to stay as one because they have invested in such.
I am speaking from Cyprus' point of view - Cyprus should want to leave the euro.
Dr. Krugman - You and I agree that Cyprus (and perhaps a lot of other countries) should want to leave the Euro but the EU leaders do not want this to happen. Also I think we agree that the ECB is not going to ease significantly at the moment. We know what you think about the second point. But what is your opinion of their refusal to allow Cyprus to leave? Do you think a case can be made that they are right to insist that nobody can leave?
I think that it is Cyprus' decision and that they did not choose to leave. They must want to continue to be part of the EU.
I agree with the first part of your reply. They did not choose to leave. But I do not think they want to continue to be part of the Euro. I think they were threatened with an even worse disaster if they chose to leave. As I have posted previously I think there is evidence that the people negotiating in these crises (notably the Irish) are acting consistently with the Milgram and Stockholm syndromes.
Edit: I am a paid-up member of UKIP
I missed the news on this one. When was the popular vote taken and wat were the results?
"...why didn't he just let it leave?" - I don't remember Cyprus even asking to leave the eurozone - I remember them asking for 17bn and getting 10bn (from several other eurozone countries) - which is an humungus amount of fiat for a country of 1 million
btw, you don't ask to leave the eurozone, you just do it
.....before "helping all that he could" he told his cronies to get their money out of dodge.
Doc, this is not correct. the ECB just kept ELA open - up to a point, the money came from Finnland, Netherlands, Germany et al
F$CK YOU KRUDMAN!!!
Help, help, we're buried in debt and our assets have lost their value. Is there something that you can do?
Sure, here's some more debt and a plane-load of Euros to be dispensed by ATMs 100 at a time. That should solve everything. Thanks for playing!
The Nobel committee was on slow acting drugs. Putz.
Dr. K, your obvious sarcasm seems to be lost on the ZH faithful. MillionDollarBonus must be having a good laugh.
Scott Solano, DPA: Mr Draghi, what is the Euro backed by?
Mario Draghi, ECB: Confidence but ZH readers just don't understand.
Scott Solano, DPA: Oh yes they do.
Zero Hedge on the world stage....well deserved!
I've learned a tremendous amount from Zerohedge. Love you guys and all the informed posters who come armed with ideas to back up their arguments.
EU project= Hotel California,
You can check out anytime you like but you can never leave.
I'd like to ask Draghi a question:
If the starving, desperate masses revolt against your marionette "sovereign" govts, will you advocate the use of the EU gendarme to quell the insurrection?
But you don't understand how much political capital they've invested in the Euro! It's like a TREMENDOUS amount. Like you can't even fathom how much capital has been invested. You can't invest that much and then say "we lost." It MUST work because of it's sheer size and scope.
Once more, in summary- tremedous amount of political capital invested = no chance of failure.
You better start liking this. Seriously. You won't be invited to Davos next year if you don't.
NoDebt, let me put this in other terms: many things that Draghi said are understood differently in the eurozone
I'm not saying you have to agree - just stating a difference you might not be aware of, raising from an experience you might not share, i.e. of having 17 different currencies in an increasingly interconnected continent
Increasingly interindebted you mean, but not uniformly so, alas, but in a hugely lopsided way that can only continue to build, with worsening consequences the longer the reckoning is delayed.
if you really have learned a lot at ZH let me further enlighten you: Draghi is prez of the ECB/eurozone - not the same as the EU - please note that nobody has left the eurozone because nobody has yet found compelling reasons to do so, not because someone forced them to stay - and finally check again what this EU gendarmerie really is, how often it has been assembled and how it would hypothetically function. btw, it's 900 officers - we have cities here that have a larger local police force than that
I am not a vessel to be " enlightened." I learn because the data presented can be corroborated. Like the motto of the Royal Society:
Take no one's word for it
The EU project was never open to public referendum or debate. Representative democracy was bypassed as the eu mafia got created. Now it is being run by technocratic marionettes who follow orders from Brussels. Did you see recently how Anastasiades did a run around the parlaiment in order to carry out the EU dictates? Therefore, I reject your premise..
The European Gendarmerie Force (EUROGENDFOR or EGF) was launched by an agreement in 2006 between five states of the European Union (EU): France, Italy, the Netherlands, Portugal, and Spain. Romaniasubsequently joined in 2009. Its purpose is the creation of a European intervention force with militarised police functions and specialise in crisis management, designed after the French Gendarmerie, the Spanish Guardia Civil, and the Italian Unità Specializzata Multinazionale (M.S.U.) of theCarabinieri.[1] Its status is enshrined in the Treaty of Velsen of 18 October 2007.
The respective govts are using their own security forces, currently. However, the infrastructure is now in place...
where do you get this nonsense? "The EU project was never open to public referendum or debate"
there has probably never been any political project that had so much debate, in public and in parliaments. and don't get me into the referendum thing - this is a typical thing where most just don't "get it" that referenda are national matters - some countries use them, others don't, others sometimes, according to their national constitutions
the previous president and then Anastasiades had the Cypriot parliament approve seven freaking financial laws between June 2012 and last February in preparation for the bail-in
if Cypriots would be EU marionettes following EU dictates the whole mess would have been solved last November - without banking holiday, without capital controls imposed by the Cypriot National Bank governor and the Cypriot President
so you looked up on the EGF? Very well. and? still national forces, with their national commander-in-chiefs. note, btw, that's six countries, out of seventeen eurozoners and twentyseven eu members
So, you are telling me that Sarkozy, Cowen, Rajoy, Papandreou, Papademos, Monti, Cameron, Merkel, and the rest of the EU Prime Ministers past and present, are actually servants of the people rather than puppets of the EU project? Their unwillingness to give Referendum votes to their respective citizenry are national issues." Shit, didn't you hear Draghi say quite clearly: People underestimate the political capital, code for: many corrupt leaders commited treason to get us to where we are now. We own govts through our cancerous banking models and will starve those who defy our will.
Your statement about Cyprus is ridiculous. Anastasiades did a run around any type of democratic vote, because HE WAS TOLD TO. The first vote as you might remember, failed.
The eu police state is evolving just like DHS and TSA in America, if you can see that, well some of the shit you are eating may have gotten in your eyes.
Seventeen EU nations imprison persons who think illegal thoughts, such as holocaust disbeleif, AKA holocaust "denial" AKA holocaustianity. Ditto our so-called liberal and freedom loving (not) north neighbor Canada.
Only a liar and/or naive person promotes the idea that the EU is "democratic."
I wonder how these Judaic thought police would like to drink their own medicine: imprisoning resurrection deniers, of whom the Judaics top the list. (By definition "belief" in the resurrection is the antithesis of "law" because true belief comes only from God. "...that which is flesh is flesh, that which is spirit is spirit..." John the beloved in his gospel inverts the nouns for emphasis (all or most translations list the nouns in inverse order): "Spirit is God."
Let me help out Mario a bit
"These questions are formulated by people who vastly underestimate what the Euro means for the political class, for their way of life. They vastly underestimate the amount of individual wealth that has yet to be extracted from the EuroPEONS."
I predicted all this 3 years ago. They will NOT let anyone out.
http://queenbee-insidethehive.blogspot.co.uk/2010/02/what-is-going-to-happen-to-greece.html
Yeah, that is about it. I live here and I have no personal investment in the "Euro".
It means shit to me. Either let it fall....or we'll fucking smash it for you. Draghi=Lying shitbag
why would an ivy league mba ever think we need a plan B?
In essence, these fuckers have created a monoply board game, and manned the bank with unscrupulous children who give money to their allies and withhold or out right steal it from their enemies.
It can't go on for ever, nothing can.
You're right, it can't go on forever. At some point the facade of 'civility' and 'democracy' and 'concern for the general public' will have to be dropped and a full-on return to some sort of feudalistic system put into place. I imagine they're angling for a '18th Century Russia' kind of model - you know, a small tier of nobility and a large number of obedient serfs.
Or maybe just a flat-out Orwellian 1984, where they just say what they want, and if you don't agree... oh wait, we're already there.
Nicholas Sarkozy on the Irish referendum no vote, "Ireland must vote again."
Many members fully realize Judaism and Judaics and their willing, sometimes terrified goyim slaves are the biggest promoters of this debt/usury slavery system.
Orwell in his worst nightmare could never predict the Nobel Peace Prize winner personally targetting for assasination/incineration Islamic 16 year old American citizens living in Yemen (two weeks after doing the same to his American citizen Islamic father)...or how the CIA can legally deny any and everything it does including the above, plus anyone who leaks the quantity of CIA funding largese can be legally exterminated for treason.
(Sidebar: Mossad in combination with the CIA and the Judaic Meyer Lansky controlled mob assasinated JFK. JFK prohibited Israel from going nuclear for the obvious imbalance of power we now witness. JFK vowed to disband the CIA for being the uncontrolled 4th branch of government. JFK's brother Bobby was tossing the mob bosses in prison after the mob delivered Roman-hating Protestant union members of IL to elect JFK to the Presidency. Yes, Oliver Stone's movie was accurate except the Judaic producers omitted the Mossad connection. No surprise there.)
Until I see evidence contrary (yes, I'm open to changing my mind), I'm personally convinced one of the biggest reasons the current Judaic/Western war targets Islam is because Islam consistently condemns usury in all its ugly forms, personified in this Draghi Satan worshipper.
I think most of the people in that room know what ZH is.
I bet a lot of them check in here sometimes.
Do any of them post i wonder?
che cazzo, you killed my euro short trade....ma fanculo
Yes, no kidding good one Tyler good one. No wonder people come to this site for financial information.
Plan A: Print money
Plan B: See Plan A.
Plan B: Remove the governor from the machine employed by Plan A.
If your only tool is a Heidelberg, every problem is deflationary.
Plan C: when SHTF ring fence your plutocratic safe haven <island> with Blackwater operatives
These questions are formulated by people who vastly underestimate what the Euro means for the Europeans, for the Euro area. They vastly underestimate the amount of political capital that has been invested in the Euro.
This proves the Italian tentacle reads ZH
Because they lie all the time they need to stay current on Zerohedge to remember the truth.
The Euro means shit for 99% of us you fucking douchenozzle!
"political capital invested in the Euro" - What he meant to say was "we have to keep this monster going at all cost or they will hang us all when they realize they´ve been had."
Fuck you Mario!
What does the "Euro means for the Europeans"?
Guess it really depends on what part of Europe you're in.
Southern Europe: Serfdom, debt slavery, poverty, austerity
Nothern Euorpe: Feudal lordship, mastery, wealth, printing presses
The EU doesn't really seem like a fair and equitable "union" now, does it?
Nothern Euorpe: Feudal lordship, mastery, wealth, printing presses
You´re fucking kidding right? What a tool.
it's a good example of... projection
Let's see here, the euro allowed the southern countries, known for serial devaluations, to borrow easily and a lot for a few years, to grow government and buy stuff from the north, on credit. Now the north owns the south and tells its governments what to do or else. That is a more precise description isn't it?
"the euro" did no such thing - it was bankers and bond brokers like many ZH commenters that decided that there is no risk at all
you know, the all-knowing markets - the same that would like to remash everything into eurobonds because it would be a headache less
meanwhile, are you sure that "the north owns the south"? I don't see such a clear picture
buy a plane ticket and go to northern europe and see the deteriorating living standard of the middle class with your own eyes.
I like how he addresses everyone who dares to ask such questions as though they're imbeciles when he knows the questions are perfectly legitimate. This proves he got scared as hell because someone asked him a real question and he had no answer.
What a fucking twat.
Let us all not forget to say "Scott Solanos" name when he departs us.
What a hero, It's like a counter strike Head Shot with no zoom
Malinvestment of political capital is still malinvestment. Cut your losses.
Thanks for the better place to short, ZH!
Plan: Omega...
Ooops thats a game ender
I saw a deer in the headlights, i remeber it had a tattoo that read NPB
He starts weaseling in the first sentence!
thats disparaging to weasals
He clearly stated that no matter the harm to individuals, their project shall continue.
so basicaly if you're not a pro-euro, i won't answer your questions ... be nice, told ya !
I am fucking mystified why anybody thinks the laws of economics have suddenly been repealed, and that this orgy of printing can possibly end well. It's literally insane. And I mean literally, literally.
The laws of economics always say print. You're thinking of the laws of mathematics, which have been superseded by the laws of economics.
"The laws of economics always say print."
The laws of Keynesian economics always say print. Since these also serve the banker class and their puppets in the political class, they will also never be repealed. The end, while it can be extended for a long time, is predictable.
Because, they have no other clue what to do. The foot is pressed down to the floor.
HOT ROD LINCOLN.
That's "B" as in Bitchez!
Very scripted response...almost as if the ECB has pre-determined answers for questions from those "crazy bloggers".
Most are pre-screened, doubt not! :) There's a small percentage, probably, that is kept untouched for credibility's sake.
What a lying scumbag.
Draghi: Goddammit I said we would do whatever it takes!!!! I'm a people person! Don't you people get that?!!!
http://www.youtube.com/watch?v=NRifKEf0xr8
I heard him speak about "fiscal multiplier". This is final proof that mr tentacle is a cargo cultist
Great stuff...but Scottie asked a question that mario could just dodge with the "hypothetical" scenario.
Should have caught him of balance and asked
"What is the total amount of debt, Sovereign and European Bank, does the Eurozone owe ?"
"Do you consdier gold buillon and coin as money".
Why dick around with detailed, bureaucrat questions ? You know he is just going to bullshit.
"What is the total amount of debt, Sovereign and European Bank, does the Eurozone owe ?"
Easy answer: M2. All your money is debt!
"Do you consdier gold buillon and coin as money".
No, but it's a nice tradition. That's why we have several hundred (imaginary) tons in our vault.
Edmond Dantes provides your answer, just above.
krid - with respect Edmond doesn't "answer" my question, he confirms it.
Bwahahahahahahah! Douchebag. Gonna need a plan 'R'. R is for riots.
no Draghi's plan "R" stands for RUN !
comes to mind
Anyone here ".. vastly underestimate the amount of political capital that has been invested in the Euro. "?
No? Didnt think so...
I think Draghi is a POS...
Next!
I despise it. Does that count?
He is assuming that we would consider 'political capital' as being worth something. For example, if all the 'political capital' created by D.C. had actual value, we would be running a surplus in the U.S.
That question really pissed him off. :-) Knew exactly who, or what ZH is and replied accordingly.
THOU SHALT NOT QUESTION THY LORD & SAVIOR - Babylon!
Of course he knows. Even Rumplestilskin knows who ZH is even if he is asleep.
Was cc'd a year or so ago in an email stream with CEO of one of Europe's largest banks, forwarding a ZH article.
Yeah, he knows.
It's funny how different the interpretations of his answer and body language is.
I understood that he was not pissed off - and actually welcomed the opportunity to state his bottom line clearly to all the "friendly fire" he is getting from the alternative camp. (Friendly fire is his own expression from the previous press conference)
My interpretation of the enigmatic smile at the end, was a "No soup for you, but kudos for having the balls to ask the question outright" kinda smile.
I think Mr. Draghi actually has respect for people with courage to ask big questions - even if the question is embarrasing to the surrounding press corps.
One thing is for sure. Mr. Draghi knows exactly, who is behind ZH, and he is clearly not in the same boat. I had my doubts about that for a while. This exchange was very interesting indeed. Calls for more pondering. Thanks ZH.
this is so epic. made my day
When Super M. heard "ZH" in the question, it looked liked he just threw up in his mouth.
ZH ... VASTLY UNDERESTIMATE ... VASTLY UNDERESTIMATE ...
You guys are messin wit da plan.
Presumption is the mother of all fuck ups
Or put another way
That's about as accurate as generalizing about the Joos
Membership has its benefits, anonymity has its freedoms, and ZH has its readers.
Friday. Portuguese constitutional court rejects most of the budget. Government also has no plan B (said and repeated ad nauseam) so I go short deers.
There is no escape. We have passed the event horizon. Prepare accordingly.
So all it comes down to is: political ideology of European Union versus economic reality and pending social change.
There's only been one plan...Hide the debt in Derivatives....
And cross your fingers....
give me a break.. political capital? i can only imagine revolutions to come from this.
smug motherfucker.
A. How exactly does the math work? How can stealing assets lead to growth?
B. Who exactly appointed the bankers to determine the political organization and winners and losers of Europe (and for that matter the world)?
So, having 'No Plan B' is good for the Euro so maybe having no plan at all is even better for the Euro?
wait, we had a plan ?
Well a 'Plan B' suggests a 'Plan A' but maybe that is all smoke and mirrors too.
Just print and advertise it as Plan A so that you haven't got to think about 'Plan B' in absence of 'Plan A'.
Maybe he didn't say 'Plan' at all but somtin else? "The Plan! The Plan!" http://youtu.be/1x_QbVDlLbI?t=35s
This time, it's completely different.
Mr. Draghi, I have a two part question from Noble Prize winning New York Times columnist Paul Krugman:
Pt 1- Do you fancy yourself a cat person?
Pt 2- When will you give in and smoke Ben's pole so we can start this printing orgy worldwide?
Zerohedge Intrinsic Value close to 10 Bn$
In Next Cycle. IPO
Your spanish friend
Any question as to why we DONATE to Zero Hedge and keep the truth flowing?
Plan B: serfdom to Germany. Civil disorder and back to basics: War!
Fuck Zero Hedge is like holy water to those vamps!
"Ze Americans. Let them eat cake." - Draghi
Mario, Since the beloved Euro has destroyed the lives of the Greeks, Spaniards and Cypriots, why do you believe they will never leave?
Follow up question- Have you considered the honorable path of suicide?
because it's not in his divine plan ! jeez, Mario said NO, NEIN, pay attention mate !
Damn it, he said the cursed words: REDENOMINATION RISK.
He claims the ECB is fighting this risk, but in previous statements he said the ECB is correcting markets which incorrectly perceive this risk.
So if the risk does not exist, why do they fight it?
Draghi: " I never said that". In 3...2...
Follow up question #4:
4. Since you think we vastly underestimate what the Euro means for the Europeans, then do you believe that we here should think that the Euro is so crucial that you will not only commit the crimes of fraud and robbery, but torture and murder as well to keep the Union together?
When making a euromlette you have to break some euroheads.
These questions are formulated by people who vastly underestimate what the Euro means for the Europeans, for the Euro area. They vastly underestimate the amount of political capital that has been invested in the Euro.
In other words: the size of our emotional investment precludes scrutiny of the risks involved.
This is hardly akin to asking about a contingency plan for some remote probability event such as an an asteroid strike. This is more of a what if the landing gear fails to come down type of question.
Really, you should have a Plan B.
Why, Dragi will draw a cartoon wheels on the landing gear like the Spielberg's Amazing Stories movie 'The Mission' and save the day.
Political capital trumps reality every time.
The Euro has to work... They're used to those nice free catered lunches and the extra paychecks.
Yay. "No plan B" is bullish. "Whatever it takes"
Someone should do an ECB Euro song. Work in "we had to destroy it to save it" and you've got a chart hit.
Yeah, that makes sense from a short term thus trader perspective.
"They vastly underestimate the amount of political capital that has been invested in the Euro."
Snort. "Invested" here means "buried forever". And no, ZH readers are not underestimating the amount of political capital the EU has "invested" in the Euro. It is the teat-sucking apparachtik who are guilty of that.
the politician have invested a tremendous amount of political capital....!!! what shit is that. Maybe on e day the people will take it in their hands and decided what is best for themselves and the political capital will be hanging with some corpses in the trees..
Seeing Draghi in this drawn out affair only confirms in my mind why people like he and Obunghole generally avoid such interviews: they can not help but expose their true inherent evil, their isolation from humanity, the disgusting putrid blackness and void within their very souls. These inhuman blood sucking parasitic maggots are the most perfect examples of Satanic followers walking the earth.
On a vaguely related matter: yesterday I was at Costco in line to buy something at the lunch counter. Somehow (I have no idea, though I think about world affairs almost constantly) I get into a conversation with a woman behind me in line, estimate mid 40s with probably her father. For whatever reason the subject of "freedom" comes up, and I (wrongly) presume she's one of us, so I quickly mention the obvious lack of "due process" Obunghole inflicted on fellow US citizen 16 year old son of Anwar Al Awlaki in Yemen, who Obunghole personally assasinated. She tells me she supports Obunghole for which I immediately and loudly chastized her. Her best defense is that there "all kinds of bull shit being spread about him," as if this illegal fellonious 1st degree premeditated murder was not already well established.
Thank God my wife was waiting in the car.
Or what? If your wife wasnt waiting in the car what?